STRIVE’S NEW 15% SATS PREFERRED RANKS BEHIND $1.4 BILLION OF SATA — THE PROSPECTUS SAYS SO — THE PRESS RELEASE DOES NOT

Strive said at 4:35 PM ET on October 13, 2026 that it plans an initial public offering of 5,000,000 shares of a new 15.00% Series A Perpetual SATS Preferred Stock, at a $100 stated amount per share. That is $500 million of face value at a fixed 15%, or $75 million a year in dividends. The release says dividend dates “will fall on each business day,” starting November 9, 2026. Strive’s term sheet puts November at $0.0658 a share per business day.

The release never says where SATS stands in line. The preliminary prospectus filed the same day does: “Our SATA Stock and future indebtedness would rank senior to the SATS Stock.” SATA is Strive’s other preferred. On October 9, 2026 there were 14,030,176 SATA shares out, about $1.4 billion at $100 each, paying a variable 13% in October. The new 15% buyer stands behind all of it, and behind anything Strive borrows later.

Who pays? Strive plans to set aside $22.50 a share, the first 18 months of SATS dividends, or $112.5 million, from existing cash and securities. After that, the prospectus says Strive expects to fund cash dividends “primarily through additional capital raising activities.” The board may also pay less than the full amount. Add SATA and the yearly bill for both preferreds is about $257 million, against $310.3 million of cash on October 9.

The extra two points are the price of the lower rank. Strive held 32,773 bitcoin on October 9, 2026, cost $2.9 billion, fair value $2.7 billion, and no debt. A fixed 15% gets paid by bitcoin rising faster than the dividend or by the next raise. Strive’s own deck puts break-even near $149,000 a coin by the end of 2030. At the time of this writing, bitcoin was $83,239.